Economists have traditionally argued that anti-poverty policy faces a “great tradeoff” — famously articulated by Arthur Okun — between equity and efficiency. Yet, recent work suggests that Okun’s famous tradeoff may be far smaller in practice than traditionally believed and in many cases precisely the opposite could be the case.
May 11, 2015 at 8:06 AM ET by Jason Furman and Krista Ruffini
A new report released this morning by the Council of Economic Advisers presents original empirical evidence, alongside a summary of the extensive economic literature, on a broad range of effects of enhanced U.S. trade and U.S. free trade agreements (FTAs).
Economic growth in the first quarter was restrained by factors including tepid foreign demand and harsh winter weather. At the same time, households saved most of their gains from low energy prices, Over the past four quarters, the most persistent and stable components of GDP — consumption and fixed investment — have grown 3.3 percent. This trend complements the strong pace of job growth and unemployment reduction over the last year.
The March employment report reflects a pace of monthly job growth below the recent trend, coming on the heels of February’s strong report. The unemployment rate was stable, broader measures of unemployment fell, and hourly earnings continued their rise.
The Affordable Care Act is generating major benefits for our economy by expanding access to affordable insurance coverage and reforming our health care delivery system to reduce costs and improve quality.
Yesterday marked the fifth anniversary of the Affordable Care Act. Over the five years since the law passed, our health care system has seen considerable progress. Continuing the ACA's progress on delivery system reform is an economic imperative.
March 24, 2015 at 4:35 PM ET by Jason Furman and Matt Fiedler
The second estimate of GDP report for the fourth quarter of 2014 is consistent with a wide range of indicators showing further labor market strengthening, increasing domestic energy security, and continued low health cost growth.
President Obama is changing a rule to allow employment authorization for the spouses of certain high-skill workers who are here on H-1B visas, as long as those workers have begun the process of applying for a green card.
February 24, 2015 at 2:23 PM ET by Shaun Donovan, Jeff Zients
CEA’s new report The Effects of Conflicted Investment Advice on Retirement Savings examines the evidence on the cost of conflicted investment advice and its effects on Americans’ retirement savings, focusing on IRAs.
February 23, 2015 at 9:45 AM ET by Jason Furman and Betsey Stevenson
The Council of Economic Advisers released the 69th-annual Economic Report of the President, which reviews the United States’ accelerating recovery and explores fundamental economic issues impacting middle-class families.
February 19, 2015 at 6:00 AM ET by Jason Furman, Maurice Obstfeld, and Betsey Stevenson
The White House released an update to the big data working group’s May 2014 report on big data, describing progress in implementing the working group’s recommendations throughout the government. As part of that process, the Council of Economic Advisers released a new study on big data and differential pricing.
February 6, 2015 at 3:58 PM ET by Jason Furman, Tim Simcoe
Economic growth in the fourth quarter was consistent with a broad range of other indicators showing solid improvement in the labor market, rising consumer sentiment, increasing domestic energy security, and continued low health cost growth.
This solid employment report caps off a strong year for the U.S. labor market, which achieved a number of important milestones in 2014. Total job growth in 2014 was the strongest since 1999, while the unemployment rate fell at the fastest pace in three decades.
Real gross domestic product (GDP) grew 5.0 percent at an annual rate in the third quarter of 2014 — the strongest single quarter since 2003 — according to the third estimate from the Bureau of Economic Analysis.
2014 has seen dramatic reductions in the share of Americans without health insurance, reductions that correspond to an estimated 10 million people gaining coverage since before the start of open enrollment.
December 18, 2014 at 11:00 AM ET by Jason Furman, Matt Fiedler
New data out today from the Office of the Actuary at the Centers for Medicare and Medicaid Services confirmed that 2013 was another year of historically slow growth in health care spending and that 2011, 2012, and 2013 saw the slowest growth in real per capita health care spending on record.
December 3, 2014 at 5:06 PM ET by Jason Furman, Matt Fiedler
Today’s upward revision affirms that economic growth in the third quarter was strong, consistent with a broad range of other indicators showing improvement in the labor market, increasing domestic energy security, and continued low health cost growth.
Economic growth in the third quarter was strong, consistent with a broad range of other indicators showing improvement in the labor market, rising consumer sentiment, increasing domestic energy security, and continued low health cost growth.
With this latest report, America’s businesses extended the longest streak of private-sector job gains on record. The data underscore that six years after the Great Recession—thanks to the hard work of the American people and in part to the policies the President has pursued—our economy has bounced back more strongly than most others around the world.